Wells Fargo & Company Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price raised by Wells Fargo & Company from $60.00 to $65.00 in a research report sent to investors on Thursday morning,MarketScreener reports.

Other equities research analysts have also recently issued reports about the company. Loop Capital increased their price objective on Best Buy from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday. Morgan Stanley upped their target price on shares of Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday. Wedbush increased their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday. Citigroup raised their price target on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, The Goldman Sachs Group upped their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research report on Friday. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $78.60.

Best Buy Trading Up 0.5%

Shares of NYSE:BBY opened at $75.15 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The stock’s 50-day moving average is $61.99 and its 200-day moving average is $66.80. The company has a market cap of $15.83 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.59 and a beta of 1.22. Best Buy has a 52-week low of $55.10 and a 52-week high of $84.99.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts predict that Best Buy will post 6.5 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Thursday, June 18th. Best Buy’s dividend payout ratio is 76.19%.

Insider Activity

In other Best Buy news, insider Todd G. Hartman sold 5,339 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $341,802.78. Following the sale, the insider directly owned 44,098 shares of the company’s stock, valued at approximately $2,823,153.96. The trade was a 10.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. This represents a 7.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in shares of Best Buy in the 4th quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Palisade Asset Management LLC bought a new position in Best Buy during the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy in the fourth quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy delivered a clean Q1 beat on earnings and revenue, with positive comparable sales growth and improving margins. Best Buy (BBY) Beats Earnings Expectations, Shares Climb 15.8%
• Positive Sentiment: The company maintained its full-year guidance and issued Q2 sales guidance that came in better than expected, reinforcing confidence in the turnaround. Best Buy Reports First Quarter Results
• Positive Sentiment: Analyst sentiment improved after the report, with Jefferies raising its price target to $89 and Morgan Stanley lifting its target to $80, signaling additional upside. Analyst price target updates for Best Buy
• Neutral Sentiment: Unusual call option activity suggests traders are positioning for more volatility and continued momentum in BBY. Stock Traders Buy High Volume of Best Buy Call Options (NYSE:BBY)
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, which may appeal to income-focused investors. Best Buy dividend announcement

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.